By Leslie D. Venzon
MANILA, Aug. 31 (PNA) — Malacanang expects the US$ 508 million (P22.4 billion) loan and financial package from the World Bank (WB) can help over two million farmers and fishermen secure a higher income in the next six years.
In a press briefing over dzRB Radyo ng Bayan, Presidential Communications Operations Office (PCOO) Secretary Herminio Coloma Jr. said the financial package for the Philippines has been earmarked for infrastructure and business and livelihood assistance for farmers and fishermen.
Coloma said the package, called the Philippine Rural Development Project (PRDP), will be undertaken by the Department of Agriculture (DA).
He noted that over 70 percent of the project will be used to fund infrastructure projects of the local government units (LGUs), including farm-to-market roads, bridges, communal irrigation, potable water systems, post-harvest facilities and production facilities.
The PCOO chief said the real household income of farmers and fishermen is expected to increase yearly by at least five percent in the next six years under the PRDP.
Coloma said target beneficiaries can also enjoy a 30-percent increase in income through business and livelihood programs, and a seven-percent rise in prices of products that they will sell in the market.
Further, Coloma said also included in the PRDP is the US$ 7 million in financial aid or a grant from the global environment facility aimed to strengthen conservation of coastal and marine protected areas. (PNA)